About Private Limited Company Registration in India
The term Private limited companies is defined u/s 2(68) of the Companies Act, 2013. With the looming new ideas of business and startups, mostly entrepreneurs think of business unit which has a separate legal entity to run their business. An online private limited company registration is a best option to start a business with which basically requires minimum 2 directors and 2 subscribers or members as well a unique name for branding.
→ Name reservation The first step is that for a private limited company incorporation, which is proposed to be formed needs a different and unique name that is not like an existing one and is to be applied through SPICE + form using Part A in
→ Detail of directors and subscribers The basic requirement in private limited company incorporation is that it shall have minimum 2 Directors and 2 subscribers or members for its incorporation. One needs to require certain documents for the identification verification like pan card, id proof, passport card or voter id, address proof , latest bank statement, electricity bill , etc.
→ Digital Signatures of proposed subscribers Class 2 digital signature certificates are required for signing of the e-forms for online private limited company registration in India.
→ Proposed objectives Private limited company incorporation must have a business idea and layout for starting their establishment. The promoters have to decide the company’s main business objects that will carry out in future.
→ Proposed authorized and paid up capital To carry out the operations of an online private limited company registration, definite amount of capital is required to be invested in the business. The capital is of two types one is authorized and other is paid up.
→ Authorized capital is the maximum amount of capital for which shares can be issued to the shareholders of the proposed company whereas Paid up capital is that part of capital money which the company receives from its shareholders as on subscription. Stamp duty is required to be paid on authorized capital itself.
→ Registered office details For the purpose of running business a particular business place is required. So there must be a location which can be marked as the registered office proof of the company, where all the documents and books of the company are required to be kept.
→ Proof of registered office For registered office proof an electricity bill or mobile bill or a telephone bill not older than 2 months is required as ownership proof at the time of process of private limited company registration in India.
→ Additional documentation for ESI and EPF Now onwards in private limited company registration in India, a person has to obtain mandatory registration of EPF and ESI, for this service MCA has updated the form AGILE-PRO. One need to put the details of the employer and the business details of the company along with that an authorization letter and draft consent is to be attached with the signatures of the proposed employer.
→ Information of proposed directors and subscribers Certain documents are required to be taken along with id address proof. Those are declaration form from the first subscribers and directors, consent from directors in form DIR-2, Declaration for not accepting deposits etc.
→ Filing of web based forms Web-based form named as SPICE PLUS, E-MOA, E-MOA, AGILE-PRO and INC-9 are required to be filed for private limited company incorporation over the ministry of corporate affairs online portal.
Conclusion
Therefore, with help of above mentioned points one can register the private limited company incorporation in India as per the provision of companies act, 2013. MCA has simplified the process of incorporation with the help of Spice+ forms and companies can be incorporated in a very short time span.
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Key Features & Benefits
Don’t deliver a product, deliver an experience through business registration
Setup a separate bank account
A business bank account is very significant asset to a small business as it helps to maintain the separate personal transaction from the trade. It shows more professionalism in front of clients to mention the trade name for payment instead of owner’s personal name.
Reputation with customers
Business registration helps to create a reputation with customers and client with whom we work daily. It also helps to create trust in society and provide assurance that owner has a legitimate business. When a business is registered, it is easier for third party to decide whether he wants to invest or came in partnership or not.
Accomplishment of funding
Registered business can easily apply for small business loan. It’s easier to get loan if the business is registered with government body and it creates transparency or beware from the fraud or any mishappening. If a business applies for a credit card, creditors may also ask to see the registration paperwork.
Avoid conflict with founders
Business registration helps immensely if conflict arises with cofounder. When a person registers the business, the control is shared towards the shareholders subject to the number of shares they own. If any dispute rises then shareholding pattern will determine who has the control over business.
Dealer engagements
MeA registered business also becomes eligible to receive supplier discounts that a normal person could not receive if he has an unregistered operation. Suppliers generally reserve wholesale proportions for business owners who can demonstrate official paperwork. Registered business can also plan for government contracts, tenders for the business that will lead to brand promotion.
Contracting with employees
A business registration allows to hire full time employees and pay them accordingly. Registered business receives a unique identification number that allows to connect with government. It creates the trust and transparency among the employees about the business environment and culture.
Package
Process of Private Limited Company Registration
Done with business registration? Next stop, startup registration for business expansion!
01
Checking for proposed name availability
It is not possible to register a name that is too similar to an existing company name or trademark. When it comes to name of company, a degree of freedom is given by the companies’ act 2013, however, there are certain rules and restrictions that are required to be consider during selecting the name.The name of the private company should close by word ‘Private Limited’. It is advised to submit with two names in the order of preference. Company name rules and guidelines will be used at the time of application.
02
Obtain digital signature ( dsc)
During the registration process, all the documents are submitted online through MCA Portal. The incorporation forms are required certification of the directors and shareholders using digital signature certificate. All directors and shareholders should have a digital signature certificate to authenticate the documents that are being filed.
03
Execution of company registration documents
After the company name approval, the company incorporation documents such as memorandum of association (e-MOA) and articles of association (e-AOA) have to be executed by the promoters in the prescribed format along with documents i.e. consent to act as director, affidavits and declaration and KYC of promoters and utility bill not older than 2 months for registered office address.
04
Company incorporation E-form submission
For successful completion of process, it is required to submit the e-forms with the MCA on the website for the purpose of approval.
05
Generation of certificate of incorporation
Once the forms get approved, the certificate of incorporation will be issued under the hand of Ministry of Corporate Affairs.
06
Start your business now.
On receipt of certificate of incorporation, the private limited company comes into existence in the eyes of law. First amount of subscribed and paid-up share capital shall be deposited in the current account of company. The promoters and directors may now commence the operations and business activities in the name of the company.
Documents Required For Private Limited Registration
Common mistake! entrepreneur pays less attention to company compliances.
Two name of company ( proposed )
Main object details
Capital details ( authorized and paid up)
The copy of pan card
Self –attested copy of identity proof (voter card, passport, driving license)
Self-attested copy of address proof (bank statement, mobile bill, telephone bill, electricity bill not older than 2 months)
Photograph of all subscribers and directors
Email & mobile number
Digital signature
Utility bill for registered office address of the company, such as electricity bill/property tax bill/ telephone bill/mobile bill/gas bill etc.
For rented property ( rent agreement )
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FAQ's
An entrepreneur needs to know what they need and why they need
What is the objective and framework of the Startup India Scheme in India?
The Startup India Scheme is an initiative by the Indian government to foster entrepreneurship and innovation. Launched in 2016, it aims to create a conducive environment for startups through various incentives, such as tax benefits, funding support, and simplification of regulatory procedures, to promote the growth of new businesses in India.
Does for small business, the private limited company registration is benefited?
Yes, a small business can get its business register under private limited company registration in india. It provides the credibility and an image of their business in the eye of the financial institution, suppliers and potential clients. It helps the company to get the loans at little compliance from banks or potential party while entering into the deals.
Is there any high qualification required to become a director or shareholder in the private limited company?
There is no specialized qualification required to appointed as a director or become a shareholder in company. Any individual with the sound of mind can start a company.
What will be the address of the registered office of the company?
The registered office does not mean to be owned only. It can be rented premises also. The registered office is used for the purpose of holding a meeting, keeping records and receiving correspondence from all the statutory government timely. It also specifies the jurisdiction of the registered office.
Is a private limited company suitable for making FDI in india?
Yes, perfectly suitable. The private limited have been an immensely prevalent form of business entity among foreign investors for creating the direct foreign investment in any country (subject to FDI guidelines).
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